What is project management?

Project management entails the methodical application of knowledge, skills, tools, and techniques to fulfil a project’s needs and expected outcomes. It represents a systematic approach that directs a project’s journey from inception to closure.

While individuals might employ project management principles in their everyday activities, such as relocating home, the primary focus is typically within the context of organizations engaged in initiatives like innovating new products, enhancing services, or optimizing internal operations.

Importance of project management

The significance of project management can be summarized in two key aspects:

Strategic alignment – Project management ensures that the project remains in sync with the organization’s strategic goals and objectives.

Structured execution – It furnishes a well-defined framework for the project’s effective implementation.

By leveraging project management, organizations gain improved control over project scope, resource allocation, risk management, and the delivery of high-quality results within predefined timelines and budgets. This, in turn, enables the realization of expected benefits.